The Legal Services Act 2007 - And Why It Will Save You Money

Law And Order - The Legal Services Act 2007 - And Why It Will Save You Money

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Conveyancing is where the ownership of property, that may be a house, flat or a piece of land, is legally transferred to another. The law enables people to do conveyancing for themselves, however it is quite time consuming, and it would be very easy to make an expensive mistake. Most people pick to hire a expert to ensure conveyancing is done properly. One exquisite think for this is that they have indemnity insurance, so you are protected if anyone goes wrong.

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The Legal Services Act 2007 - and why it will save you money is clear below - in case,granted the framework for removing regulatory restrictions on businesses that in case,granted legal services such as conveyancing. The Act affected the structure, ownership and administration of these businesses. Prior to the Act it wasn't inherent to set up a company that could offer a perfect range of legal services to customers. This Act meant that Alternative company Structures could now be set up.

Now non-lawyers can enter into partnership with lawyers, and will be able to offer legal services to their customers, which can be integrated with other services already offered, so that customers can get all the primary services from one company. It is hoped that the higher level of competition will provide best value for the group and incentives for a best quality service. It means that Tesco or Sainsbury's can offer home conveyancing in conjunction with their financial products.

After the first reformation of the Act, a timetable was put in place which means that the first of these Alternative company Structures will be able to be licensed to provide services from 6 October 2011. Simply put, you may soon be able to buy an online conveyancing product.

Some advantages of these alternative company structures:
· Convenience for the customer as they will be one-stop shops for legal services
· Greater competition should heighten services and sell out costs
· Trusted household names can offer their services
· Services are more likely to be available online and therefore more convenient

How will this sway those buying or selling homes?

This is exquisite news for people who wish to buy or sell their homes next year. It would mean that the whole process could be done straight through the same firm. In the future, sites will be be able to offer their clients an online conveyancing package, underpinned by a association with a licensed solicitor's firm. The immediately inescapable advantage of this is that there will be greater operate over the pace of the sale. Currently it is all too easy for the agents selling your home to not be able to be in quarterly caress with your solicitors, which can significantly slow down the pace of the sale.

It should also make it easier to sort out any problems that might arise during the sale or purchase, as all the information will be going straight through just one firm and not having to be conveyed in the middle of the solicitor and the agent. A lot of experienced homebuyers and sellers will know that hold-ups can often occur due to the left hand not knowing what the right hand is doing! Sometimes these hold-ups can have potentially serious effects and can mean the breakdown of the chain if the question is not resolved promptly.

The wide follow of these new firms should be that house sales and purchases can be completed more smoothly, and hopefully more swiftly development it less stressful for every person - and considerably cheaper!

How will these new Alternative company Structures operate?

These new Alternative company Structures can be managed and part owned by non-lawyers and owned by different types of lawyers. This means that the managers can incorporate on the improvement and administration of the firm, leaving the lawyers able to incorporate on the company of practising law. This should help make these firms more successful and also more competing as their overheads may decrease.

This positively does not mean that the group will start to receive a substandard service; on the contrary the acceptable is thinkable, to heighten as there will be more competition. These new kinds of businesses will be tightly regulated, so there is positively no need for the group to worry that they will not be receiving a good service. Websites may form relationships with solicitor's firms in all the counties of the United Kingdom, so that customers purchasing conveyancing products online will have the knowledge that a local solicitor is backing up the product.

How will the group be protected?

Anyone wishing to own or administrate one of these businesses will have to pass fit and allowable tests. Once they have passed these tests they will be given a licence authorising them to practise.

In order to get a licence they will have to:
· Have passed background checks on owners and investors
· Ensure all customers' money is fully protected
· enounce sufficient levels of insurance for customer protection, so the firms will need to have expert indemnity insurance
· Ensure that the lawyers' first duty is always to the client and not to the shareholders

In expanding to this there will also be a new independent ombudsman to hear any complaints about poor service.

Conclusion

The Legal Services Board has already done quite wide study into the effects of the Legal Services Act 2007. They have consulted with the Council for Licensed Conveyancers and also the Solicitors' Regulatory Authority, and have interviewed a representative sample of firms affected.

The normal notion was that the new regulations would be a good thing as they would help firms to bring in a much wider range of skills and to come to be more dynamic. Some firms notion that having these new administration structures and skills would have a inescapable impact on the group perception of firms who provide legal services, as the new system would seem to be more sensible. The wide consensus was that as long as the group is getting a good level of service then this new legislation was to be welcomed. It's hard to argue that it could be any worse than the current Victorian era based legislation that still governs our housing transactions in the 21st Century!

The group should also view this legislation as a good thing as it improves their freedom of choice and hopefully enables them to get much best value for money, as well as speeding up transactions. Some people may pick to go to a original solicitor to have their conveyancing done, or will pick to do it themselves, while others will probably welcome only having to make one phone call, or a straightforward mouse click to get an up-to-the-minute record on how their conveyancing is progressing. We think the Legal Services Act 2007 is a good thing - and why it will save you money - should be pretty clear; freedom to sell it yourself!

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